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I have a 2003 330CI, I (actually my wife did - but you know how that goes) bought it in April '10. It has developed an oil leak, the dealer said it was the valve cover gasket, which was replaced, but it is still leaking, almost as bad as before. Before I go back to them $$$$, I'd like to get some ideas on what else it could be. As any BMW owner knows, there is almost no room under the hood to poke around and figure out where the leak is coming from.
Without a full history of the car, including the repair work under the hood, or a possibly overheated motor at some time ... the oil leak possibilities include (but are not limited to) the valve cover gasket, the head gasket, or a defect in the head itself. You didn't mention the rate of the oil loss, which would be helpful in diagnosing the source ....
You do need to be sure that the crankcase ventilation system is working properly. Plugged up components there can allow the crankcase to pressurize, pushing oil out of anywhere it can at seals and gaskets that weren't designed to hold internal pressures.
And, most every town or area has a BMW/German car specialized Independent repair shop; find one in your area via Google, and get their opin. BMW dlrs rub their hands and lick their chops when a car out of warranty is brought in, with a general complaint like yours...dollar signs light up in the Gen Mgr's office.
GL, mD
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